Tower Semiconductor Reports First Quarter 2021 Double Digit Year over Year Revenue Growth
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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | | |
(dollars and share count in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three months ended | | | | | | |
March 31, | | |
December 31, | | |
March 31, | | | | | | |
2021 | | |
2020 | | |
2020 | | | | | | | | | | | | | | | |
REVENUES |
$ |
347,214 | |
$ |
345,211 | |
$ |
300,171 | | | | | | | | | | | | | | | |
COST OF REVENUES | |
277,400 | | |
275,602 | | |
247,628 | | | | | | | | | | | | | | | | | |
GROSS PROFIT | |
69,814 | | |
69,609 | | |
52,543 | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | |
20,343 | | |
19,913 | | |
19,414 | | | |
Marketing, general and administrative | |
16,991 | | |
16,317 | | |
16,691 | | | | | | | | | | | | | | | | | | | |
37,334 | | |
36,230 | | |
36,105 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING PROFIT | |
32,480 | | |
33,379 | | |
16,438 | | | | | | | | | | | | | | | |
FINANCING AND OTHER EXPENSE, NET | |
(7,842) | | |
(1,498) | | |
(2,113) | | | | | | | | | | | | | | | | | |
PROFIT BEFORE INCOME TAX | |
24,638 | | |
31,881 | | |
14,325 | | | | | | | | | | | | | | | |
INCOME TAX BENEFIT (EXPENSE), NET | |
5,876 | | |
(1,823) | | |
1,706 | | | | | | | | | | | | | | | | | |
NET PROFIT | |
30,514 | | |
30,058 | | |
16,031 | | | | | | | | | | | | | | | |
Net loss (income) attributable to non-controlling interest | |
(2,192) | | |
974 | | |
989 | | | | | | | | | | | | | | | | | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ |
28,322 | |
$ |
31,032 | |
$ |
17,020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BASIC EARNINGS
PER SHARE |
$ |
0.26 | |
$ |
0.29 | |
$ |
0.16 | | | | | | | | | | | | | | | |
Weighted average number of shares | |
107,940 | | |
107,762 | | |
106,814 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
DILUTED EARNINGS PER SHARE |
$ |
0.26 | |
$ |
0.28 | |
$ |
0.16 | | | | | | | | | | | | | | | |
Weighted average number of shares | |
109,462 | | |
108,985 | | |
108,149 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | | | | | | | | | | | | | | | | | | | | | | |
GAAP NET PROFIT |
$ |
28,322 | |
$ |
31,032 | |
$ |
17,020 | | | | |
Stock based compensation | |
4,906 | | |
5,190 | | |
4,543 | | | | |
Amortization of acquired intangible assets | |
491 | | |
365 | | |
310 | | | |
ADJUSTED NET PROFIT |
$ |
33,719 | |
$ |
36,587 | |
$ |
21,873 | | | | | | | | | | | | | | | |
ADJUSTED EARNINGS PER SHARE: | | | | | | | | | | | | | | | | | | | | | | | | |
Basic |
$ |
0.31 | |
$ |
0.34 | |
$ |
0.20 | | | | | | | | | | | | | | | | |
Diluted |
$ |
0.31 | |
$ |
0.34 | |
$ |
0.20 | | | | | | | | | | | | | | |
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